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Identity Verification Software Market: Introduction

  • Identify verification software is the technology that allows companies to secure and protect user and customer information, as well as ensure its accuracy.
  • Identity verification software is based on machine learning algorithms, which is capable of automatic detection and identity. Identify verification software is used by large and small & medium enterprises to ensure that information provided by a user/customer is correct or wrong.
  • The COVID-19 outbreak has been the main catalyst for the growth and adoption of identity verification software. Organizations, industries, and governments are verifying personal identities, by providing access control to users, without any physical contact with the security infrastructure. Identity verification software is helping to detect the identity of a person by digital manipulations with genuine ID images or content, such as name, address, date of birth, and face photo, with advanced technologies. This is expected to enhance the demand for identity verification software among government agencies for public safety monitoring.
  • Furthermore, many businesses switching staff to remote working during the COVID-19 pandemic has led to a clear chronicled surge in demand for video conferencing and other tools such as Zoom, which in turn is enhancing the demand for identity verification software.

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Global Identity Verification Software Market: Dynamics

Global Identity Verification Software Market: Key Drivers

  • Growing demand among consumers for technologically advanced security is expected to boost the identity verification software market.
  • Increasing adoption of identity verification software by the governments of developed and developing counties to identify the customer information for government-issued ID cards, driving licenses, or passports is expected to fuel the identity verification software market.
  • Rising implementation of instant mobile verification across media & entertainment, IT & telecommunication, and other sectors is expected to drive the market.
  • Growing usage of automatic identification and data capture (AIDC) technology in retail industry and e-commerce is expected to augment the identity verification software market.
  • Rising penetration of smartphones and tablets coupled with companies focusing on facial biometrics in smartphones, by adding a layer of verification to unlock the smartphones is anticipated to drive the demand for identity verification software.
  • Growing adoption of cloud-based services such as artificial intelligence (AI) and machine learning (ML) for identity verification software is expected to drive the demand for identity verification technology, in order to strengthen the compatibility of devices for different applications.

North America to Account for Major Share of the Global Identity Verification Software Market

  • In terms of region, the global identity verification software market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
  • North America is anticipated to lead the global identity verification software market, due to the increasing trend of Internet of Things (IoT), cloud adoption, and bring your own device (BYOD), which are some of the factors expected to fuel the growth of the market in the region.
  • The identity verification software market in Asia Pacific is expected to hold significant share due to growing terrorist attacks and rising adoption of identity verification software in defense and government applications. This is expected to fuel the growth of the market across Asia Pacific.

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Global Identity Verification Software Market: Competitive Landscape

Key Players Operating in the Global Identity Verification Software Market

Local, regional, and international players are active in the identity verification software market. The market is highly consolidated, with top manufacturers accounting for approximately 25%–30% of the share. Key players operating in the global identity verification software market are:

  • Acuant Inc.
  • Authenteq
  • Equifax Inc.
  • Experian Plc.
  • iDenfy
  • Jumio
  • LexisNexis
  • Mitek Systems, Inc.
  • Onfido
  • Shufti Pro Limited
  • TransUnion LLC.
  • Trulioo
  • Thales Group (Gemalto)

In January 2019, Experian Plc. signed a partnership with Change Healthcare to work on a new identity verification technology that would accurately identify patients in the healthcare sector.

In February 2019, Jumio launched a new solution named Jumio Authentication. Jumio Authentication makes biometrics for identity proofing and authentication.

Global Identity Verification Software Market: Research Scope

Global Identity Verification Software Market Segmentation, by Product Type

  • Identity Verification
  • Payments & Transactions
  • Access Control

Global Identity Verification Software Market Segmentation, by Deployment

  • On- premise
  • Cloud

Global Identity Verification Software Market Segmentation, by Component

  • Solution
    • Intelligent Data (ID) Software
    • Identity Document Authentication
    • Facial Recognition Software
    • Vein Recognition Software
    • Iris Recognition Software
  •  Services 
    • Professional
      • Training and Consulting
      • Integration and Deployment
      • Support and Maintenance
    • Managed

Global Identity Verification Software Market Segmentation, by Industry

  • BFSI
  • Government & Law Enforcement
  • Healthcare
  • Military & Defense
  • IT & Telecommunication
  • Media & Entertainment
  • Retail
  • Others (Education, Hospitality, Automotive etc.)

Global Identity Verification Software Market Segmentation, Enterprise Size   

  • Large Enterprise
  • Small & Medium Enterprise

Global Identity Verification Software Market Segmentation, by Region

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • Germany
    • France
    • U.K.
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • Rest of Asia Pacific
  • Middle East & Africa
    • U.A.E.
    • Saudi Arabia
    • South Africa
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Rest of South America

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Identity Verification Software Market

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